Why Courts Asia must be grateful to Singapore for its $7m underlying profit

Thanks to very strong re-launches.

According to Maybank Kim Eng, Courts Asia posted 1QFY14 revenue of SGD197.1m (1.6% YoY, 4.6% QoQ) and net earnings of SGD7.0m (5.1% YoY, -44.3% QoQ), which is broadly in-line with theirs and consensus’s expectations.

1st quarter is low season for Courts due to an absence of seasonal holidays. 1QFY3/14 underlying net profit of SGD7m was attributed to strong re-launches from Toa Payoh and Tampines in Singapore, which accounts for 69% of Courts’ sales.

"Malaysia on the other hand registered a fall on like-for-like sales by 4.2% due to recent elections and Indonesia’s haze. Operating margins improved on the back of cost-saving measures implemented in FY3/13, and better rates negotiated for advertising. Pre-opening expenses for Indonesia stores of SGD0.3m have been accounted for this quarter," Maybank Kim Eng said.

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